Retailer Mr Price says that its proposed purchase of Yuppiechef, a privately-owned South African enterprise targeted on dwelling and kitchenware, has been authorised.
Yuppiechef has two major operations, specifically Yuppiechef On-line, the retail division comprising the web platform and 7 shops, in addition to a wholesale division, which develops, and imports branded items for wholesale distribution.
“All circumstances precedent, together with approval by the South African competitors authority, have been fulfilled and the acquisition is efficient on 1 August 2021, Mr Price stated in a press release on Tuesday (20 July).
Mr Price Group chief govt officer, Mark Blair, stated: “Welcoming Yuppiechef into the group is a very exciting moment for us. This gives us the opportunity to serve a new customer base and grow the skills within our group. We share a similar culture and outlook for growth and look forward to taking hold of opportunities together.”
The Yuppiechef administration workforce will proceed to run the enterprise with the complete help of the group’s govt workforce.
Mr Price initially introduced its plans to purchase 100% of Yuppiechef in March. The group stated that the purchase would give it the chance to realize entry to a better LSM buyer base, enabling the expansion of its share-of-wallet via ‘aspirational value spending’.
The retail group stated it might pay roughly 1% of its market capitalisation within the deal, which on the time of the announcement was between R450 million and R500 million.